PSC chides SARU for role in money laundering probe – accuses it of operating outside any known laws in Guyana

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The Private Sector Commission (PSC) said it is alarmed to learn that the State Assets Recovery Unit (SARU) is involved in money laundering investigation of a major financial institution, as per a headline in the Kaieteur News of Wednesday January 6, 2016.

“It is our understanding that the mandate of the Unit is to investigate and recover assets belonging to the state.  We are also aware that this unit is operating outside of any known laws in Guyana,” the PSC said in a statement today.

The Private Sector body said it is only aware of the role of the Financial Intelligence Unit, the Special Organised Crime Unit and the Bank of Guyana in anti-money laundering investigations.  The PSC is calling for a clarification on why SARU is involved in such an investigation and not SOCU or the FIU.

SARU Head, Dr Clive Thomas
SARU Head, Dr Clive Thomas

In addition, the PSC said it seems clear that the damage being done to one of the foremost banking institutions in Guyana by such an unsubstantiated release could lead to erosion of foreign and local investors’ confidence.  This, it noted, could be damaging to Guyana’s economy.

SARU, which is headed by renowned Economist Dr Clive Thomas, was established by the coalition Administration to hunt for assets that initially belonged to the Government.

10 COMMENTS

  1. There was optimism for a few years when the PPP came into power in the 90’s, after years of oppression and stagnation.
    That same optimism lasted only for a few months when this regime came into power.It’s back to the same old nasty politics.
    When will the ordinary man be able to say that we have a fair government for all the people ? We need young fresh minds to run this country , not people with ‘old age’ mentality.

  2. Mr./Ms. Moderator:

    Was there a problem with my previous comments that is was never cleared for posting?

    “Thomas is yet another fossil in this comic of an administration. There is a reason economics is called the dismal science and this guy epitomizes what is wrong. He spent his entire career in academia, and does not understand how the real world works. And now he is heading SARU. I will be curious to know how much is spent on this unit per month and how much they actually recovered …Simple cost/benefit.”

  3. I couldn’t agree more. However, the coalition had to show that all its claims and concerns about corruption was not just mouthing off. In comes the SARU !

    Thomas was ignored by every President of Guyana until now. If he is such a great economic mind, why didn’t they ask him to be minister of finance. Instead we have another square peg in a round hole reminisce of Kowlesar. Before you know it, Guyana’s economy will be in a complete mess.

  4. This guy Clive, I have no respect for him. He has being employed for one thing, i.e., to recover assets belonging to the State, but he becomes the jury and the judge. He shows no professionalism in his deportment as its relates to SARU’s mandate. I feel he is very bias and clearly shows that he lacks the skills in carrying out his duty assigned, by many times arriving at assumptions that does not qualifies its purpose.
    As for an academic and his age, I come to the conclusion that his demeanour dictates that Mental Deterioration is in evolution.

  5. The intent of the PNC is to instill fear, not only to ordinary citizens but to investors. I am sure there is alot ongoing behind the scene. Kaieteur news will bring more out to the public daily…

  6. Another day another act of dictatorship by this regime–these ppl have no clue of what they are doing or just following orders from the massa-

  7. Only 8 months in office and so much curruptions and dishonesty and POWER grabbing. I figured APNU GOVERNMENT will break the PPP 23 years record in less than 5 years. Do what you do best APNU, keep up the good work.

  8. Thomas is yet another fossil in this comic of an administration. There is a reason economics is called the dismal science and this guy epitomizes what is wrong. He spent his entire career in academia, and does not understand how the real world works. And now he is heading SARU. I will be curious to know how much is spent on this unit per month and how much they actually recovered …Simple cost/benefit.

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